Lira Falls, USD unloved. People are turning towards Cryptocurrencies
Turkey is currently experiencing a Trade War and hatred from the United States. This has had the effect of the Turkish Lira plummetting everyday since the announcement.
As we saw with Iran, when this occured, the vast majority of Turkish Citizens are looking at other alternatives. This translated to Turkish cryptocurrency exchanges, drastically increasing over the last 24 hours.
The volume on Btcturk (domestic exchange) has gone up by 350% in the last 24 hours. Bitcoin is getting 38% of the attention.
Allegedly, the interior ministry of Turkey is threatening to take legal action against over 350 social media accounts for leaving provocative comments against lira.
Meanwhile, other people are making a good use of cryptocurrencies. They are trading Turkish lira (TRY) for Bitcoin, Ripple, and Ethereum. Ripple and Ether are the leading pairs at Btcturk over the last 24 hours.
The Turkish lira is down by 45%. In comparison, only the Venezuelan bolivar and Sudanese pound have performed worse than the lira. Despite the fact that Bitcoin lost over 54% this year, people are exchanging their lira for BTC in hopes to get some stability or even profit. Almost $14 million in Bitcoin has been traded on Btcturk in the last 24 hours.
There are rumors that Turkish banks might stop supporting accounts with USD, and that the president is blaming the USD issuing country for the fall of Lira. Turkish citizens don’t have a lot of options in these times and Tether is the closest thing to USD. It’s still too early to talk about hyperbitcoinization in Turkey, but cryptocurrencies show that they can slowly replace the fiat currencies that are depreciating by day.
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